Page:United States Statutes at Large Volume 76.djvu/879

 76 STAT.]

831

PUBLIC LAW 87-792-OCT. 10, 1%2

any owner-employee, shall file such returns (in such form and at such times), keep such records, make such identification of contracts and funds (and accounts within such funds), and supply such information, as the Secretary or his delegate shall by forms or regulations prescribe. " (b) OWNER-EMPLOYEES.—Every individual on whose behalf contributions have been paid as an owner-employee (as defined in section 401(C)(3))— "(1) to a trust described in section 401(a) which is exempt from tax under section 501(a), or "(2) to an insurance company or other person under a plan described in section 403(a), shall furnish the trustee, insurance company, or other person, as the case may be, such information at such times and in such form and manner as the Secretary or his delegate shall prescribe by forms or regulations.

Ante. p. 812. 26 USC 4oi.5oi. 26 USC 403.

"(c) EMPLOYEES UNDER QUALIFIED BOND PURCHASE PLANS.—Every

individual in whose name a bond described in section 405(b)(1) is urchased by his employer under a qualified bond purchase plan escribed in section 405(a), or by a trust described in section 401(a) which is exempt from tax under section 501(a), shall furnish— " (1) to his employer or to such trust, and "(2) to the Secretary (or to such person as the Secretary may by regulations prescribe), such information as the Secretary or his delegate shall by forms or regulations prescribe.

Ante, p. 826.

P

"(d)

CROSS REFERENCE.—

"For criminal penalty for furnishing fraudulent information, see section 7207." (2) CLERICAL AMENDMENT.—The table of sections for such subpart B is amended by adding after the reference to section 6046 the following:

intra.

"Sec. 6047. Information relating to certain trusts and annuity and bond purchase plans."

(3) PENALTY.—Section 7207 of the Internal Revenue Code of 1954 (relating to fraudulent returns, statements, or other documents) is amended by adding at the end thereof the following new sentence: "Any person required pursuant to section 6047(b) or (c) to furnish any information to the Secretary or any other person who willfully furnishes to the Secretary or such other person any information known by him to be fraudulent or to be false as to any material matter shall be fined not more than $1,000, or imprisoned not more than 1 year, or both." SEC. 8. EFFECTIVE DATE. The amendments made by this Act shall apply to taxable years beginning after December 31, 1962. Approved October 10, 1962.

Ante. p. 830.

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